THE ASSOCIATED PRESS
MADRID — Real Madrid said Sunday that its debt had risen to €327 million (C$514 million) but added it plans to cut the figure to 210 million (C$330 million) by next June.
Announcing its accounts at its annual assembly, Madrid said its debt has arisen largely through an investment of 314 million euros (C$494 million), most of which was spent on new players since Florentino Perez returned to the club presidency unopposed in June.
The club gave the total transfer fee for four of the signings — Cristiano Ronaldo, Kaka, Karim Benzema and Raul Albiol as 219 million euros (C$344 million).
The club’s accounts were ratified by 907 of the 1012 club members present at the assembly.
.However, Madrid’s accounts may irk UEFA, which recently approved plans to control excessive spending by Europe’s top football clubs, expecting them to break even on football-related business by 2012.
Perez, who described his resignation in February 2006 as a mistake, also announced that the club would have a record annual budget this year of 422 million euros (C$663 million).
The Assembly also ratified the club’s credit arrangement with two banks, CajaMadrid and Banco de Santander.
Perez also said Madrid planned to build a theme park at its Valdebebas training ground and plans to remodel the Santiago Bernabeu Stadium with the intention of "making it one of the world’s best."